Essar Energy loss declines to $163 million

Essar Energy Monday said its loss before tax declined to $163.2 million in the financial year ended March 31, 2013 as compared to a cumulative loss of $1.14 billion in the previous five quarters.

The company's revenue increased by 24 percent to $27.3 billion in the financial year 2012-13, largely due to higher refining volumes at its plant at Vadinar in India and Stanlow in Britain.

Commenting on the results, Essar Energy Chief Executive Officer Naresh Nayyar said: "The recently completed projects in our refining and power businesses are now delivering good results. The much higher margins seen at our flagship Vadinar refinery reflects the benefit of investment in increased complexity and capacity."

"Our Stanlow refinery has achieved considerably improved margins through implementing its 100 day plan. In power, we continue to deliver increased capacity and generation at a time when demand remains strong," Nayyar said in a statement.